Towards a Generic e-Market Design

Neumann, Dirk; Holtmann, Christoph; Weltzien, Henning; Lattemann, Christoph; Weinhardt, Christof

doi:10.1007/978-0-387-35617-4_19

Cited by 5 publications

(3 citation statements)

References 9 publications

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“…Reflecting the fact that different trading mechanisms satisfies a different vector of needs designing one mechanism that meets the requirements for a number of investors remains a question of high complexity and huge compromises (Macey and O'Hara 1997). This intuition leads to the concept of Dynamic Market Models (henceforth DMM) where investors can transaction-wisely choose their most convenient trading mechanism (Neumann, Holtmann et al 2002). The fundamental idea behind DMM is that free market forces can do a better job in choosing the appropriate mechanism than a system designer (Amihud and Mendelson 1985).…”

Section: 11mentioning

confidence: 99%

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Agent-based Bidding in Electronic Markets

Neumann¹,

Gimpel²,

Holtmann³

et al. 2003

Towards the Knowledge Society

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The overall change in computing from manipulation to delegation was already predicted in the mid-90s but hitherto remains a bold vision. Although software agents have the potential of fully automating processes, real world agent-based applications are very limited in number. Even in the case of electronic markets software agents are rarely employed, albeit they can act as autonomous representatives of human negotiators. The prototypical approach presented in this paper seizes the idea of an agentbased electronic marketplace and describes multilateral negotiations as a core of an electronic trading system. Owing to their open format (i.e. open bidding), agent-based multilateral negotiations are expected to reduce transaction costs and to improve the negotiation outcome. The multilateral negotiations are presented in two different environments: in AMTRAS, an agent-based marketplace for bonds, as well as in VTR, a web-based trading system for stocks. Two key features of these negotiations are the revelation of all bids, and the anonymous nature of trading. The information released in the negotiation constitutes the basis for further research such that the agents are capable of deploying own strategies inferred from the other's bidding behavior. The paper concludes with some recommendations as to how automation of the bidding process can be achieved using software agents' intelligence.

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Section: 11mentioning

confidence: 99%

“…VTR 7 (for a detailed description see Budimir and Holtmann 2001;Neumann, Holtmann et al 2002) is a web-based stock trading system designed for the needs of retail investors' OTC trading.…”

Section: Virtual Trading Room (Vtr)mentioning

confidence: 99%

Agent-based Bidding in Electronic Markets

Neumann¹,

Gimpel²,

Holtmann³

et al. 2003

Towards the Knowledge Society

Self Cite

View full text Add to dashboard Cite

show abstract

“…One argument that is often mentioned as a reason for the market modeling complexity is the huge size of the auction design space [15]. According to [12] even a design space with five parameters, each parameter having six possible values, obtains 60.466.176 different market models. This paper shows how the huge size of the auction design space can be resolved and eliminated as a disturbing factor for the market modeling task.…”

Section: Introductionmentioning

confidence: 99%

Modeling Approach for Auction Based Markets

Mäkiö

Weber

2005 Symposium on Applications and the Internet Workshops (SAINT 2005 Workshops)

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Designing and conceptualizing electronic auction systems is a complex task dependent on human, economic, and technical factors. In this paper, we propose a way to simplify that design task and reduce complexity. Using the two software engineering approaches "abstraction" and "divide and conquer" we show how these approaches can be mapped into auction design. The "abstraction" approach leads to a process template that can be parameterized; the "divide and conquer" approach leads to a component based definition of electronic auctions. Both approaches are unified within a "market modeling language (MML)" which provides the design of auction based electronic markets.

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Market Engineering am Beispiel elektronischer Immobilienmärkte

Krause

Kunzelmann

2005

Wirtschaftsinformatik 2005

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Zusammenfassung: Im Gegensatz zu online Job-oder Automobilbörsen leidet der internetbasierte Immobilienmarkt unter einem hohen Maß an Fragmentierung. Trotz der einsetzenden Konsolidierung konnte aufgrund von marktimmanenten Problemen bisher keine der existierenden Börsen eine kritische Masse erreichen. Vor diesem Hintergrund und in Anbetracht der Tatsache, dass sich die Erosion von Kleinanzeigen aus den Printmedien hin ins Internet fortsetzen wird, wurde eine Case Study durchgeführt, die das Design und die Erfolgsfaktoren von internetbasierten Immobilienbörsen analysiert. Aufbauend auf diesen Ergebnissen wird im vorliegenden Beitrag unter Nutzung des Market-Engineering-Prozesses eine elektronische Immobilienbörse gestaltet, die aufgrund ihrer Marktstruktur, der Integration von gewerblichen und privaten Anzeigen sowie der angebotenen Services das Potenzial besitzt, die kritische Masse zu überschreiten. Dies würde neben der Nutzung von Netzeffekten und der Realisierung von Economies of Scale die Konsolidierung unter den Immobilienbörsen vorantreiben.

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Towards a Generic e-Market Design

Cited by 5 publications

References 9 publications

Agent-based Bidding in Electronic Markets

Agent-based Bidding in Electronic Markets

Modeling Approach for Auction Based Markets

Market Engineering am Beispiel elektronischer Immobilienmärkte

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